Mandaric: Foxes set for losses

01 March 2010 01:20

The club's annual financial report is due out soon and Mandaric admits it will not make good reading for Foxes fans. However, he assured supporters he would personally cover the losses and that the club was not in any financial danger.

He also stressed that, although there is still a £17.5million debt from a loan taken out three years ago on the Walkers Stadium, the club does not have any other debt.

"It does not look good because we have a lot of losses," Mandaric told the Leicester Mercury. "Again, I am covering those losses but it is nothing that looks as though we are in trouble or that we will be unable to pay our bills or our players because I am 100% behind the club .

"Anywhere but in the Premier League this stadium is a liability financially because you have to service it. We have a £17.5million debt that has to be serviced but in 10 years it could be a real asset and you could have something that is profitable.

"You have to subsidise the losses and this year it will be at least £5-6million. It is not something I did not know about or was not prepared for."